RTM:CC - RT Minerals Corp. Signs Agreements to Acquire Four New Properties Within the Case Batholith of Northern Ontario
(TheNewswire)
Vancouver, BC - TheNewswire - February 28, 2023 - RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “Company” or “RTM”) is pleased to announce thatit has entered into two separate property purchase agreements toacquire an additional four properties totalling 113 claim blockswithin the boundaries of the Case Batholith in northern Ontario, andtwo other properties totalling 16 claim blocks also in northernOntario. The four Case Batholith properties are located in AgassizTownship (29 claims), Potter Township (51 claims), Seguin/ChalliesTownship (14 claims) and Bragg Township (19 claims).
In the first agreement, the Company will issue 250,000post-consolidation common shares (for more information on the ShareConsolidation, please see news release dated February 6, 2023) and pay$4,100 to acquire 100% interest in 78 of the claims, of which the 14Seguin/Challies Township claims are subject to a 2% net smelter return(“NSR”) royalty that the Company may purchase 1% of the NSR for$1,000,000 at any time.
In the second agreement, the Company will issue 250,000post-consolidation common shares and pay $3,000 cash to acquire 100%interest in 51 Potter Township claims, which are subject to a 2% NSRroyalty that the Company may purchase 1% of the NSR for $1,000,000 atany time.
Closing of the transactions is subject to thesuccessful completion of the Share Consolidation, a concurrentpost-consolidation financing of $450,000, and the approval of the TSXVenture Exchange.
The four new properties are located to the northwest ofPower Metals Corp. (“Power Metals”) Case Lake lithium/cesiumdiscovery in Steel township, Ontario (Figure 1). All of the claimblocks have been acquired on the basis of magnetic signaturesresembling east - west trending pegmatitic dykes and laccolithstructures contained within the tonalite/granodiorite rock assemblagesof the Case Batholith.
The Potter and Seguin/Challies prospects contain vastexposures of outcrop that have been identified on several vintages ofsatellite photography. Live satellite views strongly suggest theoccurrence of long linear pegmatitic dykes and ovoid intrusives on thesurface.
Upon completion of the acquisitions, the Company willown 100% interest in 256 highly prospective lithium/cesium claimswithin the Case Batholith.
Figure 1: Location map of proposed acquisitions in theCase Batholith
Qualified Person
The technical information contained in this newsrelease has been reviewed and approved by Mr. Garry Clark, P.Geo., a“Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects.
Rare Earth Element mineralization that exists on thePower Metal Corp. Case Batholith properties is not known to exist onthe Company’s properties in the Case Batholith area.
About RT Minerals Corp.
RT Minerals Corp. is a junior exploration company listed on the TSXVenture Exchange under the symbol “RTM”. The Company holds a 100%royalty-free interest in a portfolio of rare earth element, gold andbase metal properties in Ontario: the Ireland, Case Batholith Group,Milligan, Blakelock, McQuibban and Timmins properties. The Companyalso holds an option to acquire a 100% interest in the Link-CatharineRLDZ gold property located 22 km south-southeast of the town ofKirkland Lake, Ontario.
Ireland Property (Rare Earth Element– Case Batholith) is a royalty free 52 claim block of 421 Ha(1,040 acres) covering an inferred carbonatite complex (the “IrelandComplex”) located in Ireland Township, 45 km northeast of SmoothRock Falls, Ontario. The Ireland Complex is 100% owned by RTM and isapproximately 4.0 km long, 2.8 km wide, oval shaped and is positionedalong a southern extensional splay fault contained within theKapuskasing Structural Trend. The Kapuskasing Structural Trendcontains several well documented carbonatite complexes that containNiobium, Iron, Titanium and Rare Earth Element resources withinvarious assemblages of carbonatite rocks.
Case Batholith Group (Rare EarthElement) consists of 91 claims of approximately 1,927 hectares(4,762 acres) covering the Case Batholith (the “Case BatholithProperties”) centered on Heighington Township, 85 km northeast ofCochrane, Ontario. The Case Batholith Properties are 100% owned androyalty free. The properties occur within the boundaries of the CaseBatholith and are specifically located in Heighington, Kenning,Sequin, and Case Townships. Five properties are situated 12 km northof the Power Metals Case Lake lithium/cesium discovery in SteelTownship.
Link-Catharine RLDZ Property(Gold) is comprised of fifteen unpatented single cell miningclaims with a total area of 220 hectares in one claim block. TheLink-Catharine property is located 22 km south-southeast of the townof Kirkland Lake, Ontario. RTM has an option to earn a 100% interestin this property subject to a 2% NSR.
Milligan Property (Gold) is a royalty free 16-claim block (129 Ha) locatedapproximately 75 km northeast of Timmins, Ontario, and is 100% ownedby RTM. The Milligan property covers the southeast extension of thevolcanic stratigraphy hosting the Eastford Lake gold discovery of142.2 g/t Au over 3.0 m announced by Explor Resources in 2009.
Blakelock Property (Gold) is a royalty free 9-claim block (73 Ha) locatedapproximately 75 km northeast of Cochrane, Ontario, and is 100% ownedby RTM. The property is host to a massive east-west trending magnetichigh intrusive complex that was subject to limited drilling in1967.
Mcquibban Property (Gold) is a royalty free 19-claim block (153 Ha) locatedapproximately 50 km north of Cochrane, Ontario, and is 100% owned byRTM. The property hosts a strong 3.0 km long east-west trendinginferred oxide facies banded iron formation, in which one historicaldrill hole encountered a gold mineralized interval of 5.47 g/t Au over1.2m.
Timmins Property (Base Metals) is a royalty free 16-claim block (129 Ha) located approximately 50 kmsoutheast of Timmins, Ontario, and is 100% owned by RTM. The propertyfeatures several mineralized fault systems that suggest proximity to abase metal source.
For more information on the Company and its properties, please visitthe Company’s website at www.rtmcorp.com .
FOR FURTHER INFORMATIONCONTACT:
Douglas J. Andrews, B.Sc., M.Sc.
President and Chief Executive Officer
Telephone: 403-200-6542
RT Minerals Corp.
Telephone: 604-681-3170 Fax:604-681-3552
Neither the TSX Venture Exchange norits Regulation Service Provider (as the term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certainforward-looking statements, which relate to future events or futureperformance and reflect management’s current expectations andassumptions. Such forward-looking statements reflect management’scurrent beliefs and are based on assumptions made by and informationcurrently available to the Company. Readers are cautioned that theseforward-looking statements are neither promises nor guarantees, andare subject to risks and uncertainties that may cause future resultsto differ materially from those expected including, but not limitedto, market conditions, availability of financing, actual results ofthe Company’s exploration and other activities, environmental risks,future metal prices, operating risks, accidents, labor issues, delaysin obtaining governmental approvals and permits, and other risks inthe mining industry. All the forward-looking statements made in thisnews release are qualified by these cautionary statements and those inour continuous disclosure filings available on SEDAR at www.sedar.com.These forward-looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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